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EIB commits to mobilise €2 billion of gender-lens investment in Africa

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SheInvest already provided women across Africa with better access to finance, as well as with services and products that are better geared towards their needs.

One year after the launch of its SheInvest initiative at the end of 2019, the European Investment Bank (EIB) reached its initial target to mobilise a total of €1 billion in gender-lens investment that is set to boost gender equality and female economic empowerment across Africa. Given the success of its initiative, the EIB now commits to double its ambition and mobilise €2 billion of gender-responsive investment across the continent.

Building on its experience in northern and sub-Saharan African countries as well as in gender-focused lending, the EIB is further stepping up its efforts over the past year to increase investment in projects, sectors and markets that have a transformative effect on gender equality and can enhance the capacity of women to participate in the economy.

SheInvest already provided women across Africa with better access to finance, as well as with services and products that are better geared towards their needs.

EIB President Werner Hoyer, said: “Female entrepreneurs play a key role in fostering economic growth around the world and especially in Africa. Doubling the ambition of SheInvest shows how much we are committed to supporting gender equality and women’s economic empowerment in and beyond Africa. Together with our partners on the continent and through Team Europe, we are contributing to achieving the UN Sustainable Development Goals and furthering the EU development impact. I am convinced that by investing with a gender lens in projects, whether in digital, climate, water and health, we can have a transformational impact on the ground”.

EIB Vice-President Ambroise Fayolle, overseeing EIB’s development activities, said: “Unlocking the potential of women so that they can contribute fully to the economic activity is key to boosting Africa’s growth. I am very proud of the achievement of SheInvest. In just over a year, the EIB has provided credit lines via local banks in Uganda, Senegal and Benin, that will benefit female-led small enterprises.”

EIB Vice-President Thomas Östros, overseeing EIB’s activities for development, diversity and inclusion, added: “Through SheInvest the EIB also invested in high impact funds, such as DPI’s African Development Partners III Fund that will promote access to finance and employment of women in portfolio companies, including tech start-ups founded or co-founded by women. I am delighted that we are continuing and increasing the ambition of SheInvest in line with the EU’s gender action plan and Global Europe targets”.

In addition, a Technical Assistance Programme, the African Women Rising Initiative, is complementing the financing provided through SheInvest. Rolled out in Uganda, Senegal, Cote d’Ivoire and Rwanda, the technical assistance programme is providing capacity building and mentoring to women entrepreneurs and supporting intermediaries in designing financial and non-financial services tailored to their needs.

SheInvest also aims to promote gender-responsive climate financing, acknowledging the key role played by women in climate action and at the same time addressing their vulnerability to climate change impacts. Financing, therefore, targets climate and gender-responsive infrastructure projects, such as projects enhancing women’s access to water, clean, reliable and affordable energy, as well as sustainable public transport. Mainstreaming gender considerations into these kinds of projects will help unlock transformative impacts on the lives of women across the continent.

Investment under SheInvest is guided by the 2X Challenge criteria endorsed by the EIB to increase the impact of its financing for gender equality and women economic empowerment in developing countries.

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Number of African millionaires to rise 42% over next decade, says report’

Africa as a continent has the both the youngest and fastest growing populations, which could mean endless possibilities for investors

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THE NUMBER of African millionaires is set to rise a staggering 42% in the next ten years, according to a new report,

The Africa Wealth Report which is the definitive guide of Africa’s wealth and luxury sector and is published by Henley & Partners – the global leader in residence and citizenship by investment.

This year’s report – written in partnership with New World Wealth – say Africa is set to see a substantial increase in Africa’s High-Net Worth Individual (HNWI) population over the next decade.

The report reads: “The Africa Wealth Report 2023 reveals that the growth in High-Net-Worth Individuals on the continent is expected to be 42% over the next 10 years.”

Natural and  eco-friendly businesses is a trend which is set to be popular with HNWIs and is set to influence a boom in the eco-tourism market.

However, the report noted: “Total high-net-worth individual numbers on the continent have dropped by 12% since 2012, as this report reveals, with poor growth in the three largest markets: South Africa, Egypt, and Nigeria.

“But the future looks brighter, as New World Wealth predicts Africa’s millionaire population will rise by 42% over the next decade, reaching 195,000 by 2032.”

Mauritius projected to have a growth rate of 75% in the next ten years.

But also, several other African countries are predicted to see a growth of over 60% for HNWI’s.

These countries are Rwanda, Zambia, Democratic Republic of Congo, the Seychelles and Morocco, according to the report.

Africa as a continent has the both the youngest and fastest growing populations, which could mean endless possibilities for investors.

The new report also reveals that “the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.”

But with countries like Rwanda are developing fast, which may mean a huge leap in the country’s wealth.

The report states: “Rwanda was the top performing market in Africa during the period, with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo.

“Morocco and Kenya’s high-net-worth individual populations also grew solidly.

“Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has pulled back their 10-year growth rates.

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Financing Africa’s recovery.

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Financing Africa’s recovery: Is there an unfair risk premium on lending to the continent?

France 24’s François Picard leads a discussion in which Lionel Zinsou, former Prime Minister of Benin, and Marin Ferry, Asst. Prof. at the Université Gustave Eiffel, articulate their views on the treatment of African economies on the international bond markets and by credit rating agencies. Is there an anti-African stigma on the financial markets?

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AFC – Changing the Narrative on Africa

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Africa Finance Corporation – Africa is on a major growth trajectory and the future belongs to Africa .

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